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Cabot Oil & Gas a Top Independent Natural Gas Producer

With its core operations in the Marcellus Shale and the Eagle Ford Shale, Cabot Oil & Gas Corporation is a foremost independent natural gas producer. The Company engages in the development, exploitation, and exploration of oil and gas properties exclusively in the continental U.S. As of December 31, 2015, Cabot Oil & Gas had about 8.2 Tcfe (Trillion Cubic Feet Equivalents) of total proved reserves. Cabot Oil & Gas has its corporate office in Houston, Texas.

The Company’s natural gas development efforts are in the Marcellus Shale in northeast Pennsylvania. It has roughly 200,000 net acres in the dry gas window of the Marcellus Shale, mainly in Susquehanna County, Pennsylvania. Cabot Oil & Gas’ Marcellus Shale properties accounted for 92 percent of its proved reserves and 90 percent of its total net production as of year-end 2015.

The Company’s oil development efforts are in the Eagle Ford Shale in south Texas. Its oil-weighted drilling activity is centered on its 85,500-net acre position in the Eagle Ford Shale, chiefly situated in Atascosa and Frio Counties, Texas.

Recently, Cabot Oil & Gas provided an update on the Atlantic Sunrise Project. It earlier announced gas sale and purchase agreements related to its 850,000 MMBtu per day of transportation capacity on the Atlantic Sunrise project. Cabot announced that the Federal Energy Regulatory Commission (FERC) issued its final Environmental Impact Statement (EIS) for Williams Partners’ (WPZ) Atlantic Sunrise project.

The issuance of the final EIS is an important step toward the FERC’s final decision on the project, expected early this calendar year. Following the receipt of all required regulatory approvals, Williams Partners expects starting construction in mid-2017, allowing for a full in-service of the project in mid-2018.

In addition, Cabot recently reported the execution of a new definitive gas sale and purchase agreement with an undisclosed company. With this new agreement, it has agreed to sell an additional 150,000 MMBtu (Million British Thermal Units) per day of natural gas for a term of three years beginning on the full in-service of the Atlantic Sunrise project.

For Q3 2016, Cabot Oil & Gas had equivalent production growth of 6 percent year-over-year. This growth was propelled by 9 percent growth in natural gas production. As of September 30, 2016, the Company had roughly $2.2 billion of liquidity and just $1.0 billion of net debt.

The Company states 2017 total program spending (including equity pipeline investments) will be $625 million. For 2017, its E&P (Exploration & Production) capital budget is set at $575 million.

Cabot Oil & Gas will host its Q4 and full year 2016 earnings conference call on Friday, February 24, 2017 at 9:30 a.m. Eastern Time. Its plan is to issue its financial and operating results before the market opening on that day.